Under the individual income-tax cuts recommended by the House Ways and Means Committee, rates would be lowered in two stages over the next two years. The table below compares present rates on various income brackets with proposed rates. The left-hand column shows taxable income in thousands of dollars. The rates apply to married taxpayers filing joint returns. All that remains is for the taxpayer to get out his pencil and figure how much he will be saved—if the reduction ever actually becomes law.
Taxable
Income
Bracket
0-1
1-2
2-3
3-4
4-8
8-12
12-16
16-20
20-24
24-28
28-32
32-36
36-40
40-44
44-52
52-64
64-76
76-88
88-100
100-120
120-140
140-160
160-180
180-200
200-300
300-400
400 and over
Present
Rates
%
20
20
20
20
22
26
30
34
38
43
47
50
53
56
59
62
65
69
72
75
78
81
84
87
59
90
91
Proposed
Rates
(two stages)
1964 %
16
16.5
17.5
18
20
23.5
27
30.5
34
37.5
41
44.5
47.5
50.5
53.5
56
58.5
61
63.5
66
68.5
71
73.5
75
76.5
76.5
77
1965 %
14
15
16
17
19
22
25
28
32
36
39
42
45
48
50
53
55
58
60
62
64
66
68
69
70
70
70
...
